Cascades of dynamical transitions in an adaptive population

In an adaptive population that models financial markets and distributed control, we consider how the dynamics depends on the diversity of the agents' initial preferences of strategies. When the diversity decreases, more agents tend to adapt their strategies together. This change in the environment results in dynamical transitions from vanishing to non-vanishing step sizes. When the diversity decreases further, we find a cascade of dynamical transitions for the different signal dimensions, which is supported by good agreement between simulations and theory. Besides, the signal of the largest step size at steady state is likely to be the initial signal.